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Loans & Credit

Whether it is a credit card, car loan or mortgage, there is help available if you are stressed about how to make your next payment or are having a dispute with a lender. On this page you will find factsheets and sample letters to help get you back on track. If you need more assistance you can call the National Debt Helpline.
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Patrick’s Story: Car Loan

Patrick, who was 67, got a car loan. He understood the instalments would add up to $8,000. He was upset to find out that the loan totalled $17,000 because it included warranties and fees. There was no evidence that the lender told Patrick of these extra costs. Financial Rights helped Patrick to argue the loan didn’t meet his requirements and objectives, and he couldn’t afford $17,000. Patrick’s debt was reduced to $8,000, he kept the car and negotiated to pay the debt at $100 per fortnight.

financial stress loan

When to get help

Read through the fact sheets below and use the sample letters selected. Give us a call if you don’t know where to start or can’t find a solution for your problem. You may have lots of different Loans & Credit issues, which might include:

  • Financial stress and financial hardship, you are struggling to make ends meet.
  • Interest rates are going up and you are not sure how you will continue to pay your mortgage.
  • Your loan payments were unaffordable from the start.
  • You have issues with a joint loan you have with someone else.
  • You have maxed out your credit card and can only make minimum payments.
  • You have been rejected for a loan because of something on your credit report

Fact Sheets

These fact sheets will give you legal information about financial hardship, disputes about loans and much more.

Sample Letters

These sample letters may help you to get documents or make a complaint when you have a loans or credit problem

Contact Us

If you need to speak to a financial counsellor you can call the National Debt Helpline on 1800 007 007

  • Monday to Friday 9.30am – 4.30pm (Sydney time)
  • Please note, the National Debt Helpline is answered by both Financial Rights (our service) and Uniting (NSW.ACT) which is based in Dubbo and provides telephone financial counselling, but does not have solicitors available. Our services are run separately, neither service has access to any information or advice given to or by the other service.

If you have an urgent legal problem call our Financial Rights Legal Advice Line on 1800 844 949 (NSW)

  • Monday to Friday 10am – 1pm (Sydney time)

If you are experiencing or recovering from abuse please visit our Financial Abuse webpage.

 

External Resources

Australian Financial Complaints Authority (AFCA)

  • Ph: 1800 931 678
  • Email: info@afca.org.au
  • Web: www.afca.org.au
  • Address: GPO Box 3, Melbourne VIC 3001

Community Legal Centres Australia is the peak body for community legal centres.

Australian Securities and Investments Commission is the regulator for financial services providers.

The Banking Code of Practice

The Customer Owned Banking Code of Practice

 

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I would’ve immediately consolidated my debts, or lodged for bankruptcy. Peter’s advice pointed me in the right direction, which was something I needed. No judgement, just help. It was nice and I’m very grateful.